ExxonMobil 1Q Tops Views, Profit Up 69%

Fueled by soaring crude oil prices, profits at energy behemoth ExxonMobil (NYSE:XOM) leaped by a stronger-than-expected 69% in the first quarter.

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The Irving, Tex.-based blue-chip company said it earned $10.65 billion, or $2.14 a share, last quarter, compared with a profit of $6.3 billion, or $1.33 a share, a year earlier. Analysts had been calling for EPS of $2.07.

Revenue jumped 26% to $114 billion, slower than the prior-year’s 41% growth and just under the Street’s view of $114.85 billion.

“ExxonMobil’s earnings reflect continued leadership in operational performance during a period of strong commodity prices,” CEO Rex Tillerson said in a statement.

Exxon, which is the world’s largest publicly traded company and paid more than $8 billion in income taxes and total taxes in excess of $26 billion in the period, reported first-quarter upstream earnings of $8.68 billion, up from just $2.86 billion a year earlier.